Cosmetic Reno $50k Profit with 9% Yield
💥😍 BOOM...WHILE EVERYONE IS CORONA-TISSUE-ROLL-BUYING, Easy Buyer's Agent just purchased their 21st #property. Asking price: $125k, purchase price: $110k. This is a duplex-half purchase, read on ⬇️
😍 BRIEF:
Client is looking to add more into their portfolio.
😍 PROPERTY STORY:
When we first spotted this $125k property, we were immediately interested. It was a duplex but with no strata fee. We contacted the agent and agent said owner was very-very motivated to sell. Upon viewing the property, we knew that structurally the property was very sound. Yes, while it needed cosmetic reno such as painting, carpet change, new oven, new doors (projected cost about $20k), with its twin brother sold for $208k (see screenshot), it is no brainer that this property is profit-potential.
We negotiated at $110k and got it! Just do the maths...$110k + 6.5% purchase costs (our fee, stamp duty, etc) + $20k cosmetic reno = $137,150. Let's be pessimistic and let's say the valuation is coming 10% short from its twin brother: at $187,200, it is still $50k profit.
What's even more interesting is, after reno we can easily rent this out for $240-$250/week = 9.1% gross yield.
Next step is trying to convince the owner of its twin brother to sell his so that our buyer can be the ultimate landlord holding large piece of land with gross yield in excess of 8.5%!
Boom....
😍 Looking to buy or invest in property? Go talk to us first because we find deals like this...from mortgagee in possession, deceased estate, super motivated vendors...you name it, we have access to them.
😍 We can help end-to-end, from research, negotiation down to marketing and securing a tenant. All you need to worry about is what to do with the income and growth you're getting from your property.
You know who to call baby..until the next purchase!
#investing #propertyinvestment #property #realestate #propertyinvesting
